Network Density
Q: What density triggers exponential monetization?
A: Management expects the current network, already around 47%, to pass the key 50% threshold soon—with exponential benefits emerging as it approaches 80%—by enabling more transactions to connect, which they believe will fundamentally drive efficiency improvements .

TPay Revenue Growth
Q: What drives TPay revenue acceleration?
A: Leaders explained that higher network engagement, increased payment volumes, and disciplined expense management at about $97M per quarter are crucial to lifting revenue, even amid softer market conditions .

Pricing Strategy
Q: How will pricing adjustments boost revenue?
A: Management intends to reprice existing contracts as density increases, moving towards a target of $5 per network transaction once more of the invoice mix converts, thereby enhancing monetization over time .

Factoring Service
Q: What role does factoring as a service play?
A: They see factoring as a service as a way to integrate advanced technology and instant processing, reducing back-office costs by roughly $5–$10 per invoice and creating operational efficiencies for factors .

Expense Guidance
Q: What are the short-term expense expectations?
A: Management is focused on maintaining expenses at their current run rate, even with temporary higher costs like consulting and sales commissions, to preserve disciplined operations over the coming quarters .

Revenue Target Timing
Q: When will the $100M revenue target be reached?
A: While not committing to a precise date, executives indicated that, with continued network density growth and proper scaling, reaching $100M in Payments revenue likely lies around mid-2026 rather than by the end of 2025 .

Monetization Confidence
Q: How confident is management in monetizing network fees?
A: They’re confident that as network density improves, incremental fee adjustments will unlock value for both brokers and factors—even though current fees are below the target—and that the system will eventually justify pricing around $5 per transaction .

Conforming Volume Impact
Q: What impact does CH Robinson have on volumes?
A: Adding CH Robinson is anticipated to contribute roughly 20–25% of a factoring company’s volume, thereby significantly boosting the network’s overall efficacy and fund flows .

Integration Pipeline
Q: How robust is the current integration pipeline?
A: Management highlighted an exceptionally strong pipeline—bolstered further by recent big-name deals—suggesting that, if all volume ramps as expected, network density could approach 60% by the end of the year .

Network Fee Disclosure
Q: What share of revenue comes from network fees?
A: While exact figures weren’t detailed, executives noted that network fees are tracked separately, with the current structure not fully reflecting the intended $5 per transaction as contracts transition over time .

Freight Recovery Outlook
Q: Can policy changes boost freight recovery?
A: Management believes that while short-term policy actions (like tariffs) may create temporary volume spikes, the long-term trend will still see normalization due to persistent excess capacity in the freight market .